June 15, 2016

Notley NDP borrows ANOTHER $14B, digging Albertans deeper into debt hole

Holly NicholasRebel Commentator
 

When the last thing Alberta needs is increased spending and borrowing after four major credit downgrades, the NDP have borrowed another $14 billion.

On June 10th, two orders under the Financial Administration Act were approved by the government. One was for $3.5 billion and the other for $10.5 billion to cover new government spending. And right on time, the Canadian Taxpayers Federation was here in Calgary touring with the debt clock.

I caught up with Alberta Director Paige MacPherson to chat about debt levels in the province. She compared the NDP’s borrowing to overspending on a family card – except families usually have a plan to pay their debt off, while it seems the NDP don’t.

This $14 billion loan is the biggest in Alberta’s history and it doesn’t seem to phase the NDP as they continue to drive the province into record levels of debt. I also talked to Paige about some of the measures that could be taken to limit the debt load. She says that balancing the budget is the key, so that repaying it is within reach. She also mentions that cutting public sector salaries is the place to start to curb wasteful spending.

Currently, public sector salaries in Alberta are much higher than the national average and the NDP have increased public sector jobs. Overspending on public salaries is one of the main contributors to budgets in the red.

The government needs to be held to account for wasteful spending. Derek Fildebrandt, former Alberta Director for the CTF and now Wildrose MLA and Finance Critic for Strathmore-Brooks, was also there at the debt clock stop. I asked him what the Wildrose Party is prepared to do about the NDP’s out of control borrowing and spending. He says that Wildrose will continue to hold the NDP’s feet to the fire and will hammer out a plan to get Alberta’s spending back on track for the next election.

The NDP are like out of control teenagers with an all access pass to their parents’ credit cards. Even though what Albertans need the most is for them to cut spending wherever they can, they continue to borrow. The province is now over $21 billion in debt – that means every man, woman and child owes about $22,000 each.

Those numbers are staggering and it looks like there is no end in sight for NDP spending.

Comments
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commented 2016-06-16 08:23:10 -0400
This is really just disorganized, quasi-legal crime. In short is just out and out stealing, add to that their bullshut tax grabs and the new sales tax, labelled carbon tax. We really just have a bunch of thieves in government
commented 2016-06-15 22:01:14 -0400
Alberta NDP government borrows money through the Alberta Treasury Branch. About one year ago Notley borrowed 6 billion from the ATB and at that time a warning was sounded that the ATB has over extended itself with liabilities. Where did Notley get the recent loan of 14 billion? If it was ATB they are putting themselves in a dangerous position. Treating the ATB like a commie bank could result in a huge problem if Alberta defaults on a loan payment. Alberta credit rating has been downgraded four times in one year. The federal authority in the last budget to permit the big banks the ability to sweep accounts to recapitalize does not apply to ATB but that doesn’t help matters. If any Albertan has their account with ATB then I would recommend moving to a credit union. Credit unions in Alberta are guaranteed by the province so they are not impervious to default but they are a better bet than your big six banks. ATB scares me.
commented 2016-06-15 21:08:49 -0400
In my opinion, if they are imposing martial law on us then we should be in revolt
commented 2016-06-15 18:19:49 -0400
I can just see the witch flipping her hair and giggling in her giddy fashion, much like a junior high student, not the Premier of a province, and thumbing her nose at us. I and some others on this site posted quite some time ago about the financial difficulty we will be in once we dispose of the Stasi bitch at next election (sooner I hope, just don’t know how…yet). You add a couple more shit shows like this extra borrowing extravaganza, and we may not be able to recover. Welcome to Albertazuela.

“Raich to Orville….We’re on our way. Will catch up shortly.”
Certainly not exactly Sunny Ways.

DJBT,STPC,WTS,and NN
commented 2016-06-15 18:07:42 -0400
There will be wailing and nashing of Union teeth
commented 2016-06-15 18:05:19 -0400
22 thousand each in debt - holy hell HOLLY—- thanks for this news
When the WILD ROSE is in , they’ll have to invoke a RALPH RESURRECTION, that’s that Buckley ’s mixture
commented 2016-06-15 17:39:42 -0400
Race to the bottom..with Onterrible leading and now Alberta hitting the nitrous button.
commented 2016-06-15 17:37:53 -0400
Sean Pension.
I hate to ask but feel I must. We need your help.
Please talk enlighten us skeptical Rebel commentors.
Please explain the NDP strategy of paying back the debt; the ways in which these borrowed funds will be used to stimulate Alberta’s economy. How borrowing these additional funds will help the discussion on pipelines become so much easier. How the extra spending will reduce CO2 emmissions. Could this be just an investment strategy to bridge the gap until the Carbon taxes kick in January ’17?
Sean?
commented 2016-06-15 16:57:34 -0400
All of this money being spent and i am waiting far longer for surgery i have had in the past, why is that RachHEIL? I thought you were improving things.
commented 2016-06-15 16:51:38 -0400
I wonder when the idiot lefties who seem to hate banks and rich people will ever figure out that debt makes rich people and banks richer, billions will be sent to a rich person or institution rather than being used for the people of Alberta. Can any of you left wing commenters tel me why this is a good thing???
commented 2016-06-15 16:48:09 -0400
All that Ralph and the decent Albertans did is wiped away in a short time by these &&(&^^% , they truly make me sick, and i hope all the public sector people will not be surprised when they are not treated very well by the rest of us. I wonder if they realize money is finite and if RachHEIL does enough damage there pensions will not be there.
commented 2016-06-15 16:21:25 -0400
Removed for violating rule:Avoid excessive profanity.